When hiring an account, you can free up some time for yourself, and you won't be as stressed. You'll be giving yourself mental freedom.
Before you meet with your tax preparer, make sure you've gone through your mail and opened any envelopes marked as "tax information" or "tax documents." If you have several tax documents, group them by category (W-2s, 1099s, etc.).
There are several benefits to going with an enrolled agent to resolve your tax issue. EAs can help ensure that clients are treated appropriately by the IRS, work out payment plans for the best possible terms, and ensure the IRS follows laws that protect taxpayers.
An accountant is not just needed for filling up forms on daily basis. There is a lot more to offer other than this. A business account service provider can help you file your taxes, manage payrolls among other services.
As with any service provider you may hire, it's always a good idea to get referrals for accounting and tax help before you decide who to hire.
Being recognized as an Enrolled Agent is the highest credential the IRS awards and maintaining this requires adhering to their rigid ethical standards and completing a minimum number of continuing education courses every two years.
As a small business owner, you may be tempted to use personal funds for business expenses or vise versa. This is a huge mistake; everything should be separate. If you need to transfer money, write a check to the business or yourself and keep separate accounts.
Convert to a Roth IRA. Roth IRAs are a popular choice because when the money is withdrawn in retirement, there's no tax due. These types of accounts are enjoying a renewed surge of popularity now that there's no longer an income limit on who can convert a traditional IRA to a Roth account.
What is the main difference between an Enrolled Agent and a Registered Tax Return Preparer? An Enrolled Agent can offer unlimited representation for Internal Revenue Service issues while a Registered Tax Return Prepare has quite a few limitations on representation services.
It’s important to remember that there’s no shame in admitting you can no longer complete your taxes on your own each year. With the tax code constantly changing, it’s often best for people to work with a tax accountant who’s been able to keep up with all the changes.
Tax time isn’t the only time of the year an EA accountant can help your business. There are many purchases and decisions made during the year that come with tax consequences. An EA accountant can make sure you make the best choices for your company.
Double taxes are common. Individuals pay income tax on the money they earn and sales tax when they spend that money. Corporations pay corporate income tax on their profits, and those profits are taxed as dividends or capital gains for the stakeholders.
Did you know that tax credits are more valuable than tax deductions? While a deduction reduces your gross taxable income (the amount your taxes are based on), a tax credit reduces your tax obligation dollar to dollar.
Unless you are starting a financial company, the majority of business owners are experts at the product or service they offer and know much less about accounting. An accountant can help you put together a business plan, assist with the company’s tax return or produce reports that project your profitability into the future.
Walter Diemer is an accountant who invented what in 1928? a) Adding machine, b) Bubble Gum, c) Washing Machine, d) Band-Aid. Answer: B. Diemer invented bubble gum! Perhaps it helped him concentrate?
You’ve got a number of credit cards with fairly large balances. What’s the best way to try to pay off your debt? An accountant can explain that it’s usually best to focus on one card at a time – often the one charging you the highest interest – and then move on to the next card when that one is paid off.
Suppose your goal is to save up enough money to travel to the World Cup in two years. An accountant can help you by determining how much money you’ll need to achieve the goal and then by coming up with a financial plan to give up or cut back on some expenses to save the money you need in the next two years.
"Don't ever let your business get ahead of the financial side of your business. Accounting, accounting, accounting. Know your numbers." -Tilman J. Fertitta, American Businessman
We understand that not everyone races to file their tax return as soon as their W-2 comes in the mail. If you’ve gotten a later start this year than in previous years, we may be able to help you file an extension and get your taxes in by the new deadline.
It’s important to remember that there’s no reason not to take full advantage of those deductions and credits you qualify for. Whether you’re running a small business or your household, we’re always happy to help you save every penny you can on you taxes.
On average, most firms charge an hourly fee, which can range from $100 to $275 per hour. If you need to discuss a better financial plan, you might be able to negotiate a flat fee.
Did you know that ongoing education requirements are necessary to maintain Enrolled Agent certifications? Enrolled Agents are not only tax specialists, but with EA services you can be assured that all the info and advice you receive is based on the latest tax codes and regulations.
Accountants can be very useful at certain stages of your business development, whether it be for your income reports or tax returns.
We recognize that tax time can be one of the most stressful times of the year for people who suspect they’ll be writing the IRS a hefty check. Not only will using a tax accountant take some of the stress off you, but it may also help to cut down the amount you owe.